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TMI BlogINTEREST FOR INCREASE IN PRICE WITH RETROSPECTIVE EFFECTX X X X Extracts X X X X X X X X Extracts X X X X ..... INTEREST FOR INCREASE IN PRICE WITH RETROSPECTIVE EFFECT X X X X Extracts X X X X X X X X Extracts X X X X ..... br>An excisable product is cleared regularly on payment of Central Excise Duty. A memorandum of understanding (MOU) is signed between of buyer & seller on 21/01/2012 wherein the price of the product i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s increased from restrospective effect from 01/04/2011. Differential billing is done for the increased price & central excise duty on the same is paid. The department has raised a demand for interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s 11A/11AA of central Excise Act,1944. on the differential amount from 01/04/2011 treating the it to be short payment of central excise duty. Is the claim of the department justified as the the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncrease in price is from retrospective effect? Though the Hon'ble Supreme Court in the case of CCE Vs SKF India Ltd. (2009 (7) TMI 6 - SUPREME COURT)= 2009 (239) ELT 385 (SC) held that interest is pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yable. central Excise Act has undergone a lot of changes in this regard after the Yr. 2009. Please give some valuable suggestions in this regard Reply By Pradeep Khatri: The Reply: Yes, you are li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able to pay the interest on the price movement upward retrospectively.
Reply By Sanjay Sharma:
The Reply:
Interest is payable in this case there is no run away.
Regards,
Sanjay Sharma X X X X Extracts X X X X X X X X Extracts X X X X ..... on Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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